{
  "title": "Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea",
  "publication": "IMF Working Papers, December 1, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/do-loan-to-value-and-debt-to-income-limits-work-evidence-from-korea-25441",
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  "summary": "With another real estate boom-bust bringing woes to the world economy, a quest for a better policy toolkit to deal with these boom-busts has begun. Macroprudential measures could be in such a toolkit. Yet, we know very little about their impact.",
  "sections": [
    {
      "heading": "Summary and Key Findings",
      "content": "- The paper analyzes the Korean experience with loan-to-value (LTV) and debt-to-income (DTI) limits as macroprudential measures.\n- LTV and DTI limits are associated with a decline in house price appreciation and transaction activity.\n- The limits alter expectations, which play a key role in bubble dynamics."
    },
    {
      "heading": "Policy Implications",
      "content": "- Macroprudential measures such as LTV and DTI limits can be effective tools to moderate housing market overheating.\n- By affecting expectations, these limits can influence bubble formation and dynamics beyond their direct credit-quantity effects."
    },
    {
      "heading": "Publication and Authorship",
      "content": "- Authors: Deniz O Igan, Heedon Kang\n- Publication date: December 1, 2011\n- Series: Working Paper No. 2011/297\n- Issue: 297\n- Volume: 2011\n- Pages: 35\n- DOI: https://doi.org/10.5089/9781463927837.001\n- Stock No: WPIEA2011297\n- ISBN: 9781463927837\n- ISSN: 1018-5941"
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Financial institutions, Financial sector policy and analysis, Housing, Housing prices, Loans, Macroprudential policy instruments, Mortgages, National accounts, Prices\n- Keywords: appreciation rate, DTI limit, DTI regulation, Global, house price, Housing, housing markets, Housing prices, Loans, Macroprudential policy instruments, macroprudential regulation, mortgage, Mortgages, price appreciation, WP\n\nIMF Working Papers — \"Do Loan-To-Value and Debt-To-Income Limits Work? Evidence From Korea\" (Deniz O Igan, Heedon Kang, December 1, 2011).\n\n---\n\n Content in this bundle\n\n- Wp11297\n  - Wp11297 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp11297 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/do-loan-to-value-and-debt-to-income-limits-work-evidence-from-korea-25441"
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    "Authors: Deniz O Igan, Heedon Kang",
    "Published: December 1, 2011",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781463927837.001",
    "The paper analyzes the Korean experience with loan-to-value (LTV) and debt-to-income (DTI) limits as macroprudential measures.",
    "LTV and DTI limits are associated with a decline in house price appreciation and transaction activity.",
    "The limits alter expectations, which play a key role in bubble dynamics.",
    "Macroprudential measures such as LTV and DTI limits can be effective tools to moderate housing market overheating.",
    "By affecting expectations, these limits can influence bubble formation and dynamics beyond their direct credit-quantity effects.",
    "Authors: Deniz O Igan, Heedon Kang",
    "Publication date: December 1, 2011",
    "Series: Working Paper No. 2011/297",
    "Issue: 297",
    "Volume: 2011",
    "Pages: 35",
    "DOI: https://doi.org/10.5089/9781463927837.001",
    "Stock No: WPIEA2011297",
    "ISBN: 9781463927837",
    "ISSN: 1018-5941",
    "Subject: Financial institutions, Financial sector policy and analysis, Housing, Housing prices, Loans, Macroprudential policy instruments, Mortgages, National accounts, Prices",
    "Keywords: appreciation rate, DTI limit, DTI regulation, Global, house price, Housing, housing markets, Housing prices, Loans, Macroprudential policy instruments, macroprudential regulation, mortgage, Mortgages, price appreciation, WP",
    "**Wp11297**"
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